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CARBON (€/T) THUFRI VAR D-1 VAR W-1AVG.MAXMIN 9/410/4FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202673.72 72.84-0.88-77.1492.2463.65CO2 EUA DEC 202776.24 75.35-0.89-79.4894.8065.92CO2 EUA DEC 202878.88 77.99-0.89-82.0297.7368.21UK ETS DEC 26 EUR 49.28 49.810.532.2659.2684.0240.13UK ETS DEC 27 EUR 51.85 52.380.532.2761.9687.6142.32UK ETS DEC 28 EUR 54.53 55.060.532.364.9691.4644.79A lack of fresh market drivers and uncertainty over upcoming policy updatespushed carbon prices lower. Concerns around proposed MSR reforms and theirpotential impact on allowance supply weighed on sentiment. Thus, the EUAsexpiring in Dec-2026 fell by 1.2% to 72.84 EUR/tonne.CO2 EUAEXCHANGE RATES THUFRIVAR D-1 VAR W-1AVG.MAXMIN 9/410/4FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1685 1.17110.00260.01961.16891.19741.1476RATE EUR/GBP0.8705 0.87100.0005-0.00170.86880.87630.8616RATE GBP/EUR1.1487 1.1480-0.00070.00211.15101.16061.1412The greenback weakened against the euro on Friday amid easing geopoliticaltensions, a relief-driven risk rally, and expectations around key U.S. inflationdata shaping Fed policy outlooks. Consequently, the EUR/USD pair rose by0.2% to 1.1711.Sterling’s outlook is slightly weaker relative to the euro, as the Bank of Englandis viewed as more likely to shift towards a dovish stance if energy pricescontinue to ease. Markets are also focused on upcoming comments fromGovernor Andrew Bailey. The EUR/GBP rate edged higher at 0.8710.